Allegheny Power 2013 Annual Report Download - page 100
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85
December 31, 2012 Asset
AllocationLevel 1 Level 2 Level 3 Total
(In millions)
Cash and short-term securities $ — $ 652 $ — $ 652 10%
Equity investments
Domestic 547 8 — 555 8%
International 275 153 — 428 7%
Fixed income
Government bonds 4 564 — 568 8%
Corporate bonds — 1,899 — 1,899 28%
High yield debt — 369 — 369 6%
Mortgaged-backed securities (non-
government) — 330 — 330 5%
Alternatives
Hedge funds — 1,498 — 1,498 22%
Derivatives — 18 — 18 —%
Private equity funds — — 33 33 1%
Real estate funds — — 357 357 5%
Total (1) $ 826 $ 5,491 $ 390 $ 6,707 100%
(1) Excludes ($87) million and ($36) million as of December 31, 2013 and December 31, 2012, respectively, of receivables, payables, taxes and
accrued income associated with financial instruments reflected within the fair value table.
The following table provides a reconciliation of changes in the fair value of pension investments classified as Level 3 in the fair
value hierarchy during 2013 and 2012:
Private Equity
Funds
Real Estate
Funds Derivatives
(In millions)
Balance as of January 1, 2012 $ 135 $ 327 $ 70
Actual return on plan assets:
Unrealized gains (14) 29 —
Realized gains (10) 4 —
Purchases, sales and settlements — — (70)
Transfers in (out) (78) (3) —
Balance as of December 31, 2012 $ 33 $ 357 $ —
Actual return on plan assets:
Unrealized gains 1 17 —
Realized gains 5 13 —
Purchases, sales and settlements — — —
Transfers out (12) (2) —
Balance as of December 31, 2013 $ 27 $ 385 $ —